Bit Digital Inc. has announced a $67.3 million funding through a direct offering of its shares to enhance its Ethereum operations.
Details of the Offering
The offering, disclosed on July 14, includes the sale of 22 million ordinary shares at $3.06 each to select institutional investors.
Intended Use of Funds
According to the company, the net proceeds will primarily be used for purchasing Ethereum, underscoring its focus on Ethereum-based treasury and staking strategies.
Company Strategy and Its Implications
Bit Digital's influential role in building institutional Ethereum staking capabilities reflects the rising demand for on-chain yields. The company also reported accumulating over 100,000 ETH, reinforcing its position in institutional Ethereum adoption.
This direct offering marks another step in Bit Digital's strategy of integrating its technologies within cryptocurrency and financial sectors, enhancing its capabilities in structured financing of digital assets.
